Three Days After The Ban, 'Indian Jugaad' Thrives To Help People In Hoarding Their Money

[The_Showstopper]

Three Days After The Ban, 'Indian Jugaad' Thrives To Help People In Hoarding Their Money

With the recent currency demonetisation, 86 per cent of the currency in circulation has reportedly become worthless. It was a secret - well kept by the Prime Minister - that left most of the Indian perplexed over the situation, as they began to count the notes that they had kept in their homes.

huffingtonpost

(Also read: Most Popular Search In India In The Last Two Days: 'How To Convert Black Money Into White')

"The notes of Rs 500 and Rs 1,000 will not be legal tender from midnight tonight and these will be just worthless piece of paper," he said.

His statement jolted the entire nation, affecting more than 1.2 billion people at the same time. Since then, everybody started looking up for the germane option to grab their black money.

That said, haltingly, during the sleeping hours of our nation, a new industry started thriving - helping black money hoarders.

India TV

One of the most open trade, the Gold business, got a kick.

Gold prices soared by more than 5 per cent on Tuesday during European hours.

In local markets, the price of 10 gm of gold rose from Rs 30,000 to Rs 34,000 on Tuesday night and has since risen up to Rs 50,000 in certain areas.

(Also read: Here Are A Few Things You Should Know Before Heading To An ATM For Cash)

Jewellers across the country started issuing bills for a previous date, and thus with no harm, this business became one of the easiest ways for hoarders.

For purchases below Rs 2 lakhs, there is no need of PAN card, thereby, allowing them to sell without being traced. This way, they will have all the paperwork that they need and nobody will be harmed or questioned.

Another method that came up in light was using the accounts of people below poverty line and operate their Jan Dhan Yojana accounts. Using which, the deposit of money below INR 2.5 lakh is possible, thereby, some people are offering to return the amount by December end, or in some cases, by March 2017.

(Also read: Depositing Black Money? Here Are The Income Tax Notices You Should Get Ready For)

Furthermore, the rates of currency change have soared up to 30-40% within the last two days. This ensures exchange conversion of black money in older denominations to new black money with new Rs 500, Rs 2,000 and old Rs 100 notes.

Thereby, converting black money into white does not seem to be that big a deal after all.

So, one may ask, why was this done in first place?


http://www.indiatimes.com/news/indi...lp-people-in-hoarding-their-money-265296.html

 

[Nilgiri]

The effect of this "jugaad" will be minimal.

At some point, someone in the chain inherits the liability of having useless notes.

Modi and govt basically are relying on this chain being shallow, especially for concentrations that really matter (hoarded by political parties, terror cells and general racketeers/bookies/loansharks etc).

Opposition is hoping this chain is deep (for obvious reasons) and thus there is enough in the "media" to add bite to this position as well.

We will see who is right in the end. I lean towards the chain being shallow seeing the size of the queues, overall amounts per person being exchanged so far and govt saying they are keeping a close watch on several jan dhan accounts........ and the major fact that the poor and lower middle class (which will have to be conscripted en masse in any laundering effort given the limits imposed) are no longer so gullible like before.

I am glad as well that the opposition has now come out united against the move after dithering. Time to destroy them on this topic as well by exposing them.

Gotta play big or go home. Modi has played big, well done to him.

 

[Crixus]

@The_Showstopper buddy people have faced a lot of pain due to politicians .... but there is a hope some thing best will come , neither black money nor corruption can be completely removed but if there is hope of decrease in both black money and Corruption we are ready to face such inconvenience ......

All Chaur chaur mussere bhai are together due to such huge loss :

 

[Nilgiri]

@The_Showstopper buddy people have faced a lot of pain due to politicians .... but there is a hope some thing best will come , neither black money nor corruption can be completely removed but if there is hope of decrease in both black money and Corruption we are ready to face such inconvenience ......

All Chaur chaur mussere bhai are together due to such huge loss :

Yes its all about putting a major dent into it, no one said the whole thing will automatically go away by just one move.

I'm glad such photo-ops are coming out and the opposition is staking absolutely everything on this being a failure.

It sets up the long term success (on LS 2014 level) to take few prisoners....especially in the eyes of the people....and they will see how these crooks rallied together, putting aside their nominal differences, to protect what really matters to them in a vain attempt.

Modi's own version of Drain the Swamp.

========================

Kishore Biyani ‏@kishore_biyani 17h17 hours ago
Our retail business bouncing back,better than normal in some formats so quickly shows Indias resilience, citizens ability to manage change
0 replies 539 retweets 402 likes

Roflindian ‏@Roflindian 6h6 hours ago
As a doc, I get to meet a representative cross section of the society on a daily basis. People, though inconvenienced, r positive & upbeat.
0 replies 115 retweets 95 likes

Roflindian ‏@Roflindian 6h6 hours ago
The sense of doom is gradually giving way to a sense of calm. As long as there is money to buy essentials, people are willing to sail along.

 

[Crixus]

Buddy , now its responsibility of every sane Indian to give this man one more term , if he lost in 2019 , We will lose a lot , These politician has sucked more blood from veins of Indians then Brits ..... by chnace Modi is forcing them to pay , now the impact is visible on faces of all those local politicians ...even BJP politicans will be angry as they also lost a lot due to this action

Yes its all about putting a major dent into it, no one said the whole thing will automatically go away by just one move.

I'm glad such photo-ops are coming out and the opposition is staking absolutely everything on this being a failure.

It sets up the long term success (on LS 2014 level) to take few prisoners....especially in the eyes of the people....and they will see how these crooks rallied together, putting aside their nominal differences, to protect what really matters to them in a vain attempt.

Modi's own version of Drain the Swamp.

========================

Kishore Biyani ‏@kishore_biyani 17h17 hours ago
Our retail business bouncing back,better than normal in some formats so quickly shows Indias resilience, citizens ability to manage change
0 replies 539 retweets 402 likes

Roflindian ‏@Roflindian 6h6 hours ago
As a doc, I get to meet a representative cross section of the society on a daily basis. People, though inconvenienced, r positive & upbeat.
0 replies 115 retweets 95 likes

Roflindian ‏@Roflindian 6h6 hours ago
The sense of doom is gradually giving way to a sense of calm. As long as there is money to buy essentials, people are willing to sail along.

 

[swnjo]

why was it done?? to convert all the non taxable-hidden-black money into white which govt. can tax and use.
Whatever jugaad people may use doesnot matter, because in the end the money has to come back to bank. Some dishonest folks may save a little of their blackmoney by buying gold or depositing in someone else 's account but it will anyway come back to the banks, which is useful. It won`t finish the menace of corruption and tax evasion by some of our fellow citizens but atleast it will reset the entire system.

 

[deckingraj]

Three Days After The Ban, 'Indian Jugaad' Thrives To Help People In Hoarding Their Money

With the recent currency demonetisation, 86 per cent of the currency in circulation has reportedly become worthless. It was a secret - well kept by the Prime Minister - that left most of the Indian perplexed over the situation, as they began to count the notes that they had kept in their homes.

huffingtonpost

(Also read: Most Popular Search In India In The Last Two Days: 'How To Convert Black Money Into White')

"The notes of Rs 500 and Rs 1,000 will not be legal tender from midnight tonight and these will be just worthless piece of paper," he said.

His statement jolted the entire nation, affecting more than 1.2 billion people at the same time. Since then, everybody started looking up for the germane option to grab their black money.

That said, haltingly, during the sleeping hours of our nation, a new industry started thriving - helping black money hoarders.

India TV

One of the most open trade, the Gold business, got a kick.

Gold prices soared by more than 5 per cent on Tuesday during European hours.

In local markets, the price of 10 gm of gold rose from Rs 30,000 to Rs 34,000 on Tuesday night and has since risen up to Rs 50,000 in certain areas.

(Also read: Here Are A Few Things You Should Know Before Heading To An ATM For Cash)

Jewellers across the country started issuing bills for a previous date, and thus with no harm, this business became one of the easiest ways for hoarders.

For purchases below Rs 2 lakhs, there is no need of PAN card, thereby, allowing them to sell without being traced. This way, they will have all the paperwork that they need and nobody will be harmed or questioned.

Another method that came up in light was using the accounts of people below poverty line and operate their Jan Dhan Yojana accounts. Using which, the deposit of money below INR 2.5 lakh is possible, thereby, some people are offering to return the amount by December end, or in some cases, by March 2017.

(Also read: Depositing Black Money? Here Are The Income Tax Notices You Should Get Ready For)

Furthermore, the rates of currency change have soared up to 30-40% within the last two days. This ensures exchange conversion of black money in older denominations to new black money with new Rs 500, Rs 2,000 and old Rs 100 notes.

Thereby, converting black money into white does not seem to be that big a deal after all.

So, one may ask, why was this done in first place?


http://www.indiatimes.com/news/indi...lp-people-in-hoarding-their-money-265296.html

What the article is not telling us is how much can you backdate and how much can you claim to be legal sales...if your sales for a given quarter is disproportionately huge then you are asking for trouble, no??

 

[Indiran Chandiran]

Three Days After The Ban, 'Indian Jugaad' Thrives To Help People In Hoarding Their Money

With the recent currency demonetisation, 86 per cent of the currency in circulation has reportedly become worthless. It was a secret - well kept by the Prime Minister - that left most of the Indian perplexed over the situation, as they began to count the notes that they had kept in their homes.

huffingtonpost

(Also read: Most Popular Search In India In The Last Two Days: 'How To Convert Black Money Into White')

"The notes of Rs 500 and Rs 1,000 will not be legal tender from midnight tonight and these will be just worthless piece of paper," he said.

His statement jolted the entire nation, affecting more than 1.2 billion people at the same time. Since then, everybody started looking up for the germane option to grab their black money.

That said, haltingly, during the sleeping hours of our nation, a new industry started thriving - helping black money hoarders.

India TV

One of the most open trade, the Gold business, got a kick.

Gold prices soared by more than 5 per cent on Tuesday during European hours.

In local markets, the price of 10 gm of gold rose from Rs 30,000 to Rs 34,000 on Tuesday night and has since risen up to Rs 50,000 in certain areas.

(Also read: Here Are A Few Things You Should Know Before Heading To An ATM For Cash)

Jewellers across the country started issuing bills for a previous date, and thus with no harm, this business became one of the easiest ways for hoarders.

For purchases below Rs 2 lakhs, there is no need of PAN card, thereby, allowing them to sell without being traced. This way, they will have all the paperwork that they need and nobody will be harmed or questioned.

Another method that came up in light was using the accounts of people below poverty line and operate their Jan Dhan Yojana accounts. Using which, the deposit of money below INR 2.5 lakh is possible, thereby, some people are offering to return the amount by December end, or in some cases, by March 2017.

(Also read: Depositing Black Money? Here Are The Income Tax Notices You Should Get Ready For)

Furthermore, the rates of currency change have soared up to 30-40% within the last two days. This ensures exchange conversion of black money in older denominations to new black money with new Rs 500, Rs 2,000 and old Rs 100 notes.

Thereby, converting black money into white does not seem to be that big a deal after all.

So, one may ask, why was this done in first place?


http://www.indiatimes.com/news/indi...lp-people-in-hoarding-their-money-265296.html

It's funny , isn't it ? Modi , of all people damaging his own prospects by hurting the single biggest loyal constituency of his party - the industrialists , the realty sector & the traders .

Absolutely no mention of any damage to Muslim interests .And all this posted by our own friendly neighbourhood Razaakar !!
Irony abounds !!!!

 

[Nilgiri]

What the article is not telling us is how much can you backdate and how much can you claim to be legal sales...if your sales for a given quarter is disproportionately huge then you are asking for trouble, no??

Precisely what I mean by the depth of the chain. It is shallow where it counts, unless there is something in India that is severely unknown....and I think there are contingency plans for this as well should the need arise.

Its a calculated risk by Modi for sure, but the key word is calculated. He cannot squander LS 2014 and he knows it. The opportunity does not come often for today's India.

 

[Crixus]

If they bought gold then they have to sell it if they want to use it again ...... It will be fun to see how they are going to give 500Rs per vote in elections and 300Rs per person in ralleys

why was it done?? to convert all the non taxable-hidden-black money into white which govt. can tax and use.
Whatever jugaad people may use doesnot matter, because in the end the money has to come back to bank. Some dishonest folks may save a little of their blackmoney by buying gold or depositing in someone else 's account but it will anyway come back to the banks, which is useful. It won`t finish the menace of corruption and tax evasion by some of our fellow citizens but atleast it will reset the entire system.

 

[Indiran Chandiran]

Precisely what I mean by the depth of the chain. It is shallow where it counts, unless there is something in India that is severely unknown....and I think there are contingency plans for this as well should the need arise.

Its a calculated risk by Modi for sure, but the key word is calculated. He cannot squander LS 2014 and he knows it. The opportunity does not come often for today's India.

Don't thank me , bro.Show this worthless , pathetic apology of a human @The_Showstopper for what he is.blinded by his hate , he accuses the PM of what he's guilty of .calling him a razaakar is actually bestowing him with dignity.he's the lowest of the low.

He's been trying his best to sow seeds of dissent.particularly since his pet topic - that of Muslim interests in India hasn't come up in the mainstream media.Knowing the way his party the AIMuM operates , they're royally f...ked.but you'd never hear it from this piece of xxxx.

Hence , his resort to subterfuge .to dovetail the damage to his beloved interests with that of other parties ( political or otherwise ) to gain mass acceptance .

 

[Nilgiri]

Don't thank me , bro.Show this worthless , pathetic apology of a human @The_Showstopper for what he is.blinded by his hate , he accuses the PM of what he's guilty of .calling him a razaakar is actually bestowing him with dignity.he's the lowest of the low.

He's been trying his best to sow seeds of dissent.particularly since his pet topic - that of Muslim interests in India hasn't come up in the mainstream media.Knowing the way his party the AIMuM operates , they're royally f...ked.but you'd never hear it from this piece of xxxx.

Hence , his resort to subterfuge .to dovetail the damage to his beloved interests with that of other parties ( political or otherwise ) to gain mass acceptance .

I have exposed him before, its waste of time to engage with him and his lot.

I only use the threads he starts as opportunity to educate anyone else that might read it.

His lot are entering the end-game and they can see the cliff they are being pushed back into...and they dont like the height of the fall one bit. Who can blame them?

 

[Indiran Chandiran]

I have exposed him before, its waste of time to engage with him and his lot.

I only use the threads he starts as opportunity to educate anyone else that might read it.

His lot are entering the end-game and they can see the cliff they are being pushed back into...and they dont like the height of the fall one bit. Who can blame them?

Hum kuch karenge nahin aur doosron ko kuch karne bhi nahin denge .yahi mool mantra humara.

( neither would we attempt anything nor would we allow anybody to attempt anything .That's our "mool mantra ".)

Btw - the weasel that he is , he's a lot to say otherwise .In spite of challenging him head on , he's gone all silent . like his leaders - the Owaisi brothers .Gxxd mein dum nahin , hum kisi se kam nahin.bolo nare tadbeer.( khatra quom ko ho ya humein .quom kya hum se pare hain .bas. Islam khatre mein yaich bolneka aur tashreef takiye par rakhne ka.dekho Hyderabad ke miyaan kaisa how how karenge.)

 

[The_Showstopper]

I have exposed him before, its waste of time to engage with him and his lot.

I only use the threads he starts as opportunity to educate anyone else that might read it.

His lot are entering the end-game and they can see the cliff they are being pushed back into...and they dont like the height of the fall one bit. Who can blame them?

Please tell me where you exposed me. Looks like you have a habit of making tall claims without substantiating them..

Its a shame that you ignore(passively encourage) these abusive trolls who attack others without discussing meaningfully, speaks a lot about you.. Good to know your trueself - Thanks

 

[Nilgiri]

Hum kuch karenge nahin aur doosron ko kuch karne bhi nahin denge .yahi mool mantra humara.

( neither would we attempt anything nor would we allow anybody to attempt anything .That's our "mool mantra ".)

Btw - the weasel that he is , he's a lot to say otherwise .In spite of challenging him head on , he's gone all silent . like his leaders - the Owaisi brothers .Gxxd mein dum nahin , hum kisi se kam nahin.bolo nare tadbeer.( khatra quom ko ho ya humein .quom kya hum se pare hain .bas. Islam khatre mein yaich bolneka aur tashreef takiye par rakhne ka.dekho Hyderabad ke miyaan kaisa how how karenge.)

More good news incoming, its clear to see why usual quarters are really upset at the development:

http://postcard.news/will-shocked-know-happened-naxals-maoists-demonetization-old-notes/

I expect a massive Modi victory in UP now.